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 China's Financial and Monetary Achievements

图片:
图片:
China's Financial and Monetary Achievements

— Victory of the policy of building our country through self-reliance, diligence and frugality
by Tsai Cheng

Source: Peking Review, No. 17, April 26, 7974
Transcribed by www.wengewang.org

China's state revenue and expenditures are balanced, the value of the Renminbi is stable and the country has no external or internal debts. The domestic market is flourishing and prices are stable.  Why is this so?

SPURRED on by the Great Proletarian Cultural Revolution, a balance between revenue and expenditures has been maintained, the value of the Renminbi has become more stable and the financial and monetary situation has never been better.

Finances More Consolidated, Renminbi's Credibility Rises Ever Higher

   One important index of the unprecedentedly excellent situation in China's financial and monetary affairs is the broader income sources, larger revenues and balanced revenue and expenditure. State financial workers have earnestly implemented Chairman Mao's principle of "developing the economy and ensuring supplies" and his instruction that "(he balance of revenue and expenditure as well as the stabilization of prices should also be consolidated." On the one hand, on the basis of developing production, they have expanded revenues in a planned way and increased state accumulations according to the Party's line and policies; on the other hand they have rationally allocated and used funds according to the national economic construction plan and, in the course of doing so, strived to practise economy and made the funds go as far as possible. In carrying out the budgetary plans, they have succeeded in achieving a balance between revenue and expenditures with a small surplus, thus guaranteeing the supply of funds for large-scale socialist economic construction and also strengthening state reserves.
   Another important index of the unprecedentedly fine situation in China's financial and monetary affairs is the absence of both external and internal debts. Loans extended to China by the Soviet Union under the leadership of Stalin were all repaid ahead of time as-far back as early 1935. Domestic bonds issued in the early post-liberation years have been completely redeemed since the start of the Great Cultural Revolution and China today is a socialist country without external or internal debts.
   The unprecedentedly fine situation in financial and monetary affairs is further manifested in the greater stability of the Renminbi and its growing prestige internationally. The Renminbi is based on the state having ample material goods. The swift development of China's socialist economy since the start of the Great Proletarian Cultural Revolution, the continuously growing quantity of commodities held by the state and the balancing of state revenue and expenditures have provided a firm foundation for Renminbi's greater stability. At the same time the domestic market is flourishing and prices remain steady, with the prices of some industrial goods such as chemical fertilizers, pesticides, farm machinery and implements and pharmaceutics lower than before. Savings deposits of both urban and rural people have increased rapidly. Compared to 1965, the year before the Great Cultural Revolution, such deposits are more than 80 per cent greater. In the past, foreign currencies were quoted and used in settling accounts for China's foreign trade and other economic exchanges. Now, in keeping with the principle of equality and mutual benefit, mere than 60 countries and regions use the Renminbi for quoting prices and settling accounts with China.
   Beset by financial and economic difficulties and deep crises, the capitalist world is finding the going tougher and tougher. In China the financial and monetary situation, however, grows more and more consolidated and stable, fully demonstrating the infinite superiority of China's socialist system.

Accumulating Funds for Construction Through Self-Reliance

   A struggle between the two lines has always accompanied the question of how to accumulate funds for construction and what forces to rely on to carry out socialist construction. On the one hand there is Chairman Mao's proletarian revolutionary line which advocates that the accumulation of funds and socialist construction "should rest on our own strength, and that means regeneration through one's own efforts." On the other hand there is the counter-revolutionary revisionist line of Liu Shao-chi and Lin Piao which advocates "being compradors" and throwing oneself into the arms of the Soviet revisionists in a vain attempt to drag China back on to the old colonial and semi-colonial path.
   The Great Proletarian Cultural Revolution smashed the two bourgeois headquarters with Liu Shao-chi and Lin Piao as their ringleaders and criticized their crimes of pushing the revisionist line and 'sabotaging socialist construction. Implementing Chairman Mao's revolutionary line, the broad masses have maintained the principle of building our country independently and with the initiative in our own hands, through self-reliance, hard struggle, diligence and thrift. Swift development has been achieved in industry and agriculture, revenues have more than doubled and the financial and monetary situation is more consolidated than ever.
   About 90 per cent of China's state revenue today come from accumulation by state-owned socialist enterprises; this is the constantly growing source of funds for building socialism. The enlarged accumulations from state enterprises come mainly from increasing production and carrying out economy and relying on the revolutionary drive and diligent labour of the broad masses of people. Chairman Mao has pointed out: "A socialist economic enterprise must do its utmost to make full use of manpower and equipment, improve the organization of labour, improve management, raise labour productivity and use manpower and materials economically, and must launch emulation drives and practise economic accounting, so as to reduce production costs and increase personal income and public accumulation year by year." In accordance with this instruction, we have carried out a sustained movement to increase production and practise economy on the economic front. Especially since the start of the Great Cultural Revolution, the workers and staff members, taking the Party's basic line as the key link and combating revisionism and erroneous ideas, have gone in for technical innovations in a big way, practised multipurpose utilization, economized by using substitutes for certain materials, made fuller use of potential and developed production with greater, faster, better and more economical results, and they have achieved substantial successes.
   Relying on the efforts of its workers and staff, the Taching Oilfield has achieved an annual average crude oil increase of more than 30 per cent, with costs continuously being lowered and more and more funds accumulated yearly. In the past 13 years Taching accumulated the equivalent of ten times the amount the slate invested in it. In Kailan, one of China's oldest and biggest collieries, workers and staff criticized the erroneous concept that "output had reached the limit" and undertook technical innovations to transform the old mine. They paid attention to effecting even the smallest economies. Each year it has maintained advanced levels in output, quality, safely and consumption of materials. Last year, Kailan's output was 58 per cent higher than the designed capacity and the colliery had also achieved the distinction of attaining the lowest production costs in the nation's coal industry, thereby making new contributions to accumulating funds for construction.
   The swift development of China's socialist agriculture plays an important role in developing the national economy as a whole and accumulating funds for national construction. The broad masses of poor and lower-middle peasants have resolutely kept to the path of agricultural collectivization pointed out by Chairman Mao and, since the start of the Great Proletarian Cultural Revolution, they have throughout the country engaged in the ever-deepening mass movement "In agriculture, learn from Tachai." More and more counties, communes and production brigades are going over the per-mu targets for grain set down in the National Programme for Agricultural Development and all-round development is being obtained in agriculture, forestry, animal husbandry, side-line occupations and fisheries. Increased agricultural production has provided the country with greater quantities of marketable grain and other farm and side-line products, supported the development of industrial production and helped industrial enterprises accumulate funds.
   Has the burden on the people increased in the process of enlarging accumulation of funds for construction? Not at all. As to the peasants, the state has continued to implement the policy of "higher production but no additional agricultural tax," that is to say, it does not use the method of adding to the peasants' burden to expand accumulation of funds for construction. On the contrary, as there has been no additional tax with increased output and since the amount of agricultural products continues to rise, the agricultural tax — now at a low of 6 per cent — compared to the amount of actual farm output has been decreasing since the start of the Great Proletarian Cultural Revolution. As to the urban population, the state has never levied a personal income tax and, on the basis of the swift development of industrial and agricultural production, the state's finance has seen an increase in its accumulation and the living standards of the urban and rural people have improved correspondingly.

Practise Economy, Speed Up Socialist Construction

   How to allocate state accumulated funds in a planned and rational way according to the Party's line and policies and how to use the funds economically so as to get more done with the minimum outlay? This is a major question in speeding up socialist construction by relying on our own efforts.
   Agriculture is the foundation of our national economy. Since the start of the Great Proletarian Cultural Revolution, the various sectors of the national economy have further implemented the Party's basic line and carried out the general principle for developing the national economy by "taking agriculture as the foundation and industry as the leading factor" and arranged the national economy in the order of agriculture first, light and then heavy industry. With respect to financial and monetary affairs, apart from continuing to implement the policy of stabilizing the burden for the peasants, larger funds for water conservancy and other capital construction projects on the farmland and for developing agricultural mechanization have been allocated in a planned way by the state. Special funds have also been allocated to help communes and brigades that have economic difficulties to develop production. The state allocated about 50 per cent more funds last year to help agricultural production than in 1965. In addition it gives agricultural credits to help the peasants develop production. All this is a big help in developing agricultural production.
   Industry is the leading factor in our national economy. In order to quicken industrial development, funds earmarked for industry take up a sizable share of the state's investments. Major construction projects specifically designated by the state are given priority consideration for manpower, materials and funds. Many large and medium-sized factories and mines are being built and put into production each year. Small local industries have developed rapidly in recent years. Chemical fertilizer and cement output from the small factories makes up more than half the national figure. To help these small industrial enterprises, the state gives them necessary support by way of funds. Working funds for expanded reproduction comes in part from state appropriations, and the state bank also in a planned way makes substantial industrial credits available to enterprises to meet the needs of continually expanding production.
   Along with the swift development of economic construction, the state allots large sums to develop education, health, science and culture.
   Chairman Mao pointed out quite early that "the principle of economy is one of the basic principles of socialist economics." In the course of the Great Cultural Revolution the masses exposed and criticized Liu Shao-chi, Lin Piao and their gangs for preaching the slavish comprador philosophy of going after only the big and the foreign, extravagantly wasting state funds and Other crimes in sabotaging the socialist economy; the result is the masses have implemented the correct policy in a still better way. Groups of factories and shops and other departments have emerged on every front as advanced units in practising diligence and frugality.

Implementing Party's Basic Line Is the Key

   The correctness or incorrectness of the ideological and political line decides everything. The basic line of the Party set down by Chairman Mao for the whole historical period of socialism is the beacon guiding all our work to advance victoriously and the basic guarantee for building socialism and consolidating the dictatorship of the proletariat. The crux for doing financial and monetary work well lies in implementing the Party's basic line.
   Liu Shao-chi, Lin Piao and their tike had for a long time pushed a revisionist line in the financial and economic field, scheming to change the Party's basic line and policies, undermine the socialist economic base and restore capitalism. On the verge of doom at the beginning of the Great Proletarian Cultural Revolution, the Liu Shao-chi renegade clique pushed the bourgeois reactionary line and whipped up the evil wind of counterrevolutionary economism to disrupt financial and monetary work, sabotage production and construction and deflect the general orientation of the struggle so as to launch a wild counter-attack on the proletariat.*
   Following the collapse of the Liu Shao-chi renegade clique, the Lin Piao anti-Party clique leapt out to continue the trial of strength with the proletariat. They denigrated to the best of their ability the great achievements of the country's socialist revolution and socialist construction, negated the tremendous accomplishments of the Great Proletarian Cultural Revolution and, in chorus with the Soviet revisionists, venomously slandered that China's "national economy has stagnated." The fact that China's socialist construction is developing most vigorously has given the lie to their shameless slanders.
   China is a socialist country under the dictatorship of the proletariat. We definitely cannot act like imperialism or social-imperialism and engage in production and construction by exploiting the people at home and plundering the people of other countries or by selling out our national interests. Chairman Mao's principle of "building our country independently and with the initiative in our own hands, through self-reliance, hard struggle, diligence and thrift" epitomizes the demands of the Party's basic line. Maintaining this policy is the only correct path for us to build socialism.
   Chairman Mao teaches us: "The wealth of society is created by the workers, peasants and working intellectuals. If they take their destiny into their own hands, follow a Marxist-Leninist line and take an active attitude in solving problems instead of evading them, there will be no difficulty in the world which they cannot overcome." China is a populous country with a vast territory and rich resources. The establishment of the socialist system has opened broad vistas for fully utilizing China's natural resources. Because we have our great leader Chairman Mao, the Marxistr-Leninist line set down for us by Chairman Mao, a diligent and brave people who have been steeled in the Great Proletarian Cultural Revolution and also an economic base built up over the last 20 years or so, the prospect before us of building socialism is infinitely bright.
  
 * At the beginning of 1967 a handful of capitalist-roaders in power within the Party colluded with class enemies in society and tried to use economism to hoodwink the masses. They squandered state funds, raised wages and increased welfare without restraint and issued all kinds of financial remunerations and goods in an attempt to sidetrack the mass political struggle to economism and strangle the Great Cultural Revolution. But their plot was soon exposed and defeated.
  
  
  

 
 
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